Conditions of Forbearance Clause Samples

Conditions of Forbearance. The Lender’s agreement to forbear from exercising remedies as a result of the Enumerated Defaults shall, unless waived by the Lender in the exercise of its sole discretion, be subject to and conditioned upon each of the following:

Conditions of Forbearance. PMC's agreement to forbear is conditioned upon and subject to timely satisfaction of each of the following conditions ("Conditions of Forbearance"):

Conditions of Forbearance. The Forbearance Period shall terminate upon the earliest occurring of any of the following: (a) The end of the Forbearance Period; (b) Any default by the Borrower or the Guarantors under this Forbearance Agreement; or (c) Any default by the Borrower or the Guarantors under the Term Loans or the Revolving Loan (as modified hereby) after the date of this Agreement.

Conditions of Forbearance. Conditioned upon and subject to: (i) the execution of this Agreement by all parties hereto; and (ii) the execution and delivery by Landmark of an Intercreditor (Subordination) Agreement in the form attached hereto as Exhibit A (the "Landmark Intercreditor Agreement"), the Bank agrees to forbear under the Terms of Forbearance as set forth below against the Company during the Forbearance Period. Thereafter, any further forbearance against the Company shall be in the Bank's sole and exclusive discretion and nothing herein contained shall be deemed as a commitment or obligation on the Bank's part to forbear beyond the end of the Forbearance Period; and

Conditions of Forbearance. The Forbearance Period shall terminate upon the earliest occurring of any of the following: (a) The end of the Forbearance Period; (b) Any default by the Borrower or the Guarantors under this Forbearance Agreement; (c) Any default by the Borrower or the Guarantors under the Term Loans or the Revolving Loan (as modified hereby) after the date of this Agreement, or under the Core Business Collateral Surrender and Foreclosure Agreement (hereafter, "Collateral Surrender Agreement) executed by the parties contemporaneously herewith; (d) Failure of the Bank's private foreclosure sale of the Core Business Assets to Identity to close (and Bank to receive all net sale proceeds) on or before May 6, 1998.

Conditions of Forbearance. Lender’s agreement to forbear from exercising any of its rights and remedies as a result of the Existing Events Default shall be subject to and conditioned upon each of the following: (a) On or before the last Business Day of each calendar week occurring hereafter, Borrower shall have made a payment to Lender of at least $20,000 to be applied to the Obligations. (b) Lender shall have received such other documents, instruments and certificates as reasonably requested by Lender.

Conditions of Forbearance. Lender’s agreement to forbear from exercising any of its rights and remedies as a result of the Existing Events Default shall be subject to and conditioned upon each of the following: (a) On or before August 31, 2015, Borrower shall have made a payment to Lender of at least $260,000 (which, for the avoidance of doubt, shall be in addition to any amounts required to be paid under Section 7 hereof) in partial payment of the Obligations. (b) Within fifteen (15) days of the date hereof, Borrower shall deliver to Lender satisfactory title information on the Penn Virginia Properties (as hereinafter defined). (c) Lender shall have received such other documents, instruments and certificates as reasonably requested by Lender.

Conditions of Forbearance. As a condition precedent to Lender’s agreement to the Debt Service Deferral and to forbear as set forth herein, Borrower and/or Guarantor, as applicable, shall satisfy each of the following conditions on the date hereof (collectively, the “Conditions Precedent”): (a) Borrower and Guarantor shall deliver: (i) a copy of this Agreement executed by Borrower and Guarantor in the places indicated below, and (ii) appropriate resolutions or other evidence of authority for each of Borrower and Guarantor to execute and deliver this Agreement, certified by an officer or other authorized party of Borrower and Guarantor, respectively; (b) payment to each Lender of a forbearance fee in the amount of $25,000.00 (for an aggregate forbearance fee of $50,000.00); and (c) payment to each Lender for its costs and expenses pursuant to Section 24 hereof to the extent incurred by Lender prior to the satisfaction of the conditions set forth in the preceding clauses (a) and (b) and invoiced by Lender to Borrower. Each of the conditions set forth in this Section shall have been satisfied in Lender’s sole and absolute discretion.

Conditions of Forbearance. CFSC’s agreement to forbear from declaring a default and pursuing any of its rights and remedies is conditioned upon and subject to timely satisfaction (subject in each case to a 10 day grace period pursuant to which any payment within 10 days of the due dates set forth below shall be deemed timely) of each of the following conditions (“Conditions of Forbearance”): (a) Prior to or on July 1, 2016, Obligor will remit to CFSC $25,000.00 (Twenty Five Thousand Dollars); (b) Prior to or on August 1, 2016, Obligor will remit to CFSC the net proceeds from any and all equipment sold at the auction of the equipment set forth on Exhibit B that Obligor pledged to CFSC as collateral under certain Equipment Contracts, but not less than $650,000.00 (Six Hundred and Fifty Thousand Dollars); (c) Prior to or on September 1, 2016, Obligor will remit to CFSC the net proceeds from any and all equipment sold at the auction of the equipment set forth on Exhibit C that Obligor pledged to CFSC as collateral under certain Equipment Contracts, and when combined with the net proceeds referenced in 2(b) above in the cumulative amount of not less than $2,000,000.00 (Two Million Dollars for August 1, and September 1, combined); (d) Prior to or on October 1, 2016, Obligor will remit to CFSC $25,000.00 (Twenty Five Thousand Dollars); (e) Prior to or on November 1, 2016, Obligor will remit to CFSC $25,000.00 (Twenty Five Thousand Dollars); (f) Prior to or on December 1, 2016, Obligor will remit to CFSC $400,000.00 (Four Hundred Thousand Dollars); (g) Prior to or on the first day of each month thereafter until all amounts due under the Equipment Contracts have been paid in full, Obligor will remit to CFSC $25,000.00 (Twenty Five Thousand Dollars); and (h) Obligor will provide CFSC with a copy of ▇▇▇▇▇▇▇▇’▇ prospectus supplement filed with the U.S. Securities and Exchange Commission during the Forbearance Period as soon as it is publicly available and such prospectus supplement will address the raising of capital necessary for Obligor to fulfill its obligations under Section 2(f) of this Agreement.